Tag Archives: used car loans

Don’t Let the Fear of Bad Credit Keep You from Financing a St. Louis Vehicle

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Because we have been helping consumers with less-than-perfect credit secure financing for auto loans for many years, we’ve seen many customers resist the idea of financing a vehicle when they have bad credit out of fear of rejection. While it is always financially smart to keep your credit score improving, our financial experts at St. Louis Auto Stop know that sometimes things happen that are out of our control.

Unfortunately, fear is a big factor in people’s move to finance a vehicle with bad credit. They are too embarrassed to seek out auto financing because they may fear rejection. If you have enough income to afford the car note but not enough good credit history to get financing with traditional lenders, let the experts at the St. Louis Auto Stop dealership help.

We know that it can be a confusing time but if you know you can reasonably afford your vehicle payment, there is no reason why you should not be driving off of our St. Louis lot in a great used vehicle. We can work with you not only to find the right vehicle for you but one that is well within your budget. As long as you are gainfully employed, we can find a solution to your driving needs.

Don’t put off your auto financing quest any longer. Come to our St. Louis Auto Stop dealership now and find out how your bad credit financing can be good for your future credit score.

Bad Credit Car Loans and Identity Theft in St. Louis – How to Stay Safe Online

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We’ve met lots of great, honest people in our career selling used cars in St. Louis. But we’ve also met some sneaky people. And we’ve heard horror stories from honest customers who’ve been affected by unscrupulous people trying to make an easy buck.

And when it comes to bad credit car loans, identity theft is one of those ways that people can take a beating.

The truth is, anytime you share financial or private identification information, you put yourself at risk for identity theft. Most of the time nothing bad happens. There are security measures in place, and we’ve found that most people can be trusted. But in truth – there’s always a risk.

When applying for a bad credit car loan, here are the best things you can do to keep your identity safe.

Check websites for security. If you’re going to provide a credit card, social security number, or other financial information, make sure the website has up to date security measures. You can perform a simple check to see if a website has security measures installed. On the page that’s requesting your information, look at the web address. If it starts with the letters “https”, you can be reasonably sure it’s secure. If it only has the letters “http” at the front, you might want to keep your information to yourself. The “S” stands for secure.

Don’t Trust Emails from Strangers Email scams are all over the place. And no matter how good your spam filter is, some will get through. Best practice is to report anything that looks fishy to the IRS by forwarding the email tophishing@irs.gov. Never, ever send financial information by email. Even if it’s to someone you know.

Check your Bank Statements Online many banks allow you to check your account history online. If you do this every couple of days to look for charges you don’t recognize, you have a better chance of avoiding serious consequences of identity theft.

Why Being a Subprime Borrower in St. Louis Doesn’t Mean You Can’t Get a Used Car

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Have you been labeled as a subprime borrower due to a rough credit history? Take a breath – it’s not the end of the world. As a matter of fact, St. Louis used car dealers see this stuff all the time. Just because you have less than perfect credit doesn’t mean you can’t get a bad credit car loan in St. Louis.

But it does mean you’ll have to work a little harder for it. And it all starts with a little understanding.

Now, each lender has their own definition of what it means to be a subprime borrower, but you can get a sense of how close you are to that line with a simple check of your credit score. If you’re hovering around 620 or under, you’re probably in the range of subprime.

There are lenders willing to work with people who have subprime-level scores. You may end up with a higher interest rate than someone with a great credit score, but there’s not much you can do about that.

Make sure you discuss the entire situation with a potential lender. If you had a period of time where you weren’t as responsible as you should have been with your credit, but have shaped up considerably, that’s worth discussing with your lender. Getting your full credit report (and checking it for errors) is a good place to start on the road to recovery.

If you’ve recently been irresponsible with your credit, that makes things a little trickier, but still not impossible. If getting a used car isn’t an immediate need, it may make sense to wait a few months, be extra careful with your credit, and then sit down with a lender. Showing that you have made an effort to improve can help sway a lender towards a lower rate.

What You’ll Need to Get a Bad Credit Car Loan in St. Louis Mo.

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Getting a bad credit car loan in St. Louis isn’t difficult. Not everyone qualifies for one, but don’t assume that simply because you don’t have a good credit history, you can’t get a loan. Many used car dealers in St. Louis can make that situation work for the right person.

If you decide to apply for a bad credit car loan, there are a few things you’ll need to bring with you. Each of them has a particular purpose. And in general, the more you can bring, the better.

Keep in mind – when applying for a bad credit car loan, you’re essentially trying to build a solid case for why someone should loan money to you. You need to prove that while yes, your credit score isn’t great, you’re a trustworthy person who is likely to pay back the loan.

Bring these things with you:

Drivers License / Passport :You need to prove your identity, so one of these items is a necessity. Sorry, but a library card won’t cut the mustard. You’ll also need it to prove your address.

Employment Details: if you’re employed, bring in some details. Show up with some pay stubs to show what you make each pay period. If you’ve had the same job for a long time, bring in some evidence of this. Maybe the employee agreement you signed when you took the job. This helps show you’re reliable, and not likely to split at the first sign of difficulty.

Payment History: bring in a series of rent payments, mortgage payments, utility bills, etc. Anything that shows you regularly make payments to your liabilities on time and in full.

Banking Information: you may be asked to show a current balance in your checking account. If you also have a savings account with a good chunk of change in it, bring evidence of that along, as well.